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December 2009
Strong reinsurance underwriting profits, a recovery in the global investment markets and a lack of premium growth for primary underwriters have resulted in a disciplined softening of reinsurance pricing in the January 1 2010 renewal season, according to Willis Re.
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The German reinsurer said in a report that losses caused by natural disasters cost the global insurance industry about $22bn this year.
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US insurer PMA Capital Corporation has received regulatory approval from the Pennsylvania Insurance Department for the sale of PMA Capital Insurance Company.
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An Aon Benfield report released today highlights that insurer and reinsurer capital increased greatly from the lows experienced in March 2009, and that the January 1 catastrophe reinsurance renewals were focused on rate decreases in the market’s peak zones of US hurricane and US earthquake.
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Reinsurers’ nine-month underwriting results were better than expected because of the unusually low level of natural catastrophes in the third quarter, according to the latest edition of the Aon Benfield Aggregate quarterly report.
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Insured losses from worldwide natural catastrophic events were $20bn with a total economic loss of $58bn, according to a report from reinsurance broker Aon Benfield.
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Rating agency Moody’s has affirmed the Baa2 senior debt ratings and A2 insurance financial strength rating of Bermudian insurer and reinsurer XL Capital.
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XL Re has announced changes in the management and underwriting structure of its Latin America operations.
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S&P has raised the insurer financial strength ratings of the Bermuda based property/casualty insurer and reinsurer Catlin Group to A from A-.
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Willis Group Holdings has won shareholder approval to move the place of incorporation of its parent company to Ireland from Bermuda.
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Axis Capital Holdings has announced that the company’s board of directors has approved a 5% increase in the quarterly common dividend and has authorised a new share repurchase plan.
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The International Insurance Society has announced the candidates for the 2010 Insurance Hall of Fame Awards.
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Bermudian reinsurer PartnerRe today announced that it completed its acquisition of 100% of the outstanding common shares of Paris Re Holdings following the approval of the merger by Paris Re’s shareholders.
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Global reinsurer, PartnerRe has announced its successful cross-listing on NYSE Euronext Paris.
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It has been a year to forget for air travelers of a nervous disposition – not to mention aviation underwriters
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Standard & Poor's (S&P) has upgraded Swiss-domiciled reinsurer Paris Re to A+ from A- because of its strategic importance to Bermudian reinsurer PartnerRe.
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Max Capital Group today announced the establishment of a Latin American reinsurance operation and the appointment of two senior managers for the region.
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Arch Insurance Europe has announced that Francesca Bristo has joined the executive assurance team as vice-president.
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November 2009
Max Capital Group has named David Kalainoff as president of reinsurance operations in Bermuda and Ireland.
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The insurance industry is the second most likely industry to experience fraud according to PWC’s 2009 Global Economic Crime Survey. Communications and financial services were in first and third place, respectively.
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Bermuda-based Lloyd’s insurer Hardy Underwriting said Wednesday that gross written premiums for the fist nine months of the year rose 56% to £244.2m ($410.9m).
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Bermudian insurer and reinsurer XL Capital today announced that it has received approval from the CIRC to start preparation work to set up a property/casualty company in China.
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Torus has named David Whiting senior casualty reinsurance underwriter. Whiting will be based in Bermuda and will manage Torus Re’s casualty underwriting.
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Flagstone Re is in the process of placing a $120m cat bond, Reactions has learnt.
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Arch Reinsurance Company, the US reinsurance arm of Bermudian firm Arch Capital, today announced that Tim Olson has been promoted to the position of president and chief executive officer.
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Bermudian insurer and reinsurer Allied World Assurance Company Holdings have reported net income of $201m for the third quarter of 2009 compared with a net loss of $46m for the third quarter of 2008.
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Bermudian reinsurer Validus Holdings has reported net income of $499m in the third quarter, compared with a net loss of $126m for the same period last year.
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Bermuda-based Max Capital Group achieved a net income of $95.3m for the third quarter of 2009, compared to a net loss of $163.2m in the same quarter last year.
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Bermudian reinsurer Harbor Point has had its outlook on its A- ratings from Standard & Poor’s (S&P) revised.
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Bermudian reinsurer Montpellier Re has reported net income of $148m for the third quarter, up from a net loss of $142m for the same period last year.
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Bermuda-domiciled specialty insurer and reinsurer Argo group has reported net income of $28m for the third quarter, compared with a $9m loss in the third quarter of last year.
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Bermudian insurer and reinsurer Axis Capital has reported a third-quarter net loss of $96m, compared with a net loss of $249m in the third quarter of last year.
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Flagstone Re has reported net income for the third quarter of $67m, compared with a net loss of $187m in the third quarter of last year.
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Rating agency Moody's has raised the insurance financial strength rating of Renaissance Reinsurance Limited to A1 from A2 and the senior debt rating of RenaissanceRe Holdings to A3 from Baa1.
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October 2009
Bermudian insurance and reinsurance group has reported net income of $160m for the third quarter, compared with a $277m loss in the third quarter of last year.
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Bermudian insurer and reinsurer Endurance has reported third-quarter net income of $154m, compared with a third-quarter loss of $99m last year.
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Everest Re Group said Wednesday that it has swung to a third-quarter profit after the Bermuda-based reinsurer booked a of $233.1m loss in the corresponding period last year.
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Aspen Insurance Holdings late Wednesday reported record third-quarter earnings, helped by a 205% gain on investment income.
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Continued signs of recovery were evident at XL Capital as the Bermuda-based insurer posted a much smaller third-quarter loss, compared to the same period last year.
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One of the biggest effects of the financial crisis on the Bermuda market is a lack of new capital flowing into the market, David Kalainoff, managing director, executive vice-president and chief underwriting officer for casualty insurance at Max Bermuda, told the PCI Reporter.
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Although the reinsurance market has not hardened in the past year, Bill Jewett, president and CEO of Endurance Worldwide Reinsurance, is feeling bullish.
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Bermuda-based reinsurer RenaissanceRe yesterday announced it swung to a third-quarter profit, aided by solid underwriting profits and strong investment returns.
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Bermuda-based Arch Capital Group reported a spike in profits for the third-quarter as it benefited from rising sales and a mild hurricane season.
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PartnerRe reported Monday higher quarterly profits, driven by a benign catastrophe experience in the third-quarter of 2009, beating analyst expectation.
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Although more low key than previous years, there was still much to chat about at this year’s Monte Carlo Rendez-Vous.
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The board of directors of the Bermuda Monetary Authority has appointed Jeremy Cox as chief executive of the authority, with effect from January 1 2010.
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Ed Noonan, CEO of Bermudian reinsurer Validus, has jumped to the defence of the island on which his firm is domiciled.
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Start-up reinsurers attempting to raise the minimum amount of capital required to get the operations off the ground will struggle to do so in today’s credit-constrained environment, it was revealed at an AM Best conference today.
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Willis Re has today announced a series of management changes and a new organisational structure.
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The desire for growth and the potential competitive advantages of size will encourage further consolidation in the broking market, despite strained revenue streams in the economic climate, according to a new report from Advisen.
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Rating agency Fitch has downgraded bond insurers Assured Guaranty Corporation to AA from AA+ and Financial Security Assurance to AA from AA+. Both ratings have been assigned negative rating outlooks.
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Amlin Bermuda has received a syndicated letter of credit facility of $200m from a group of investment banks, including Lloyds TSB and the Royal Bank of Scotland as joint lead arrangers and bookrunners.
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Anthony Taylor is to continue to serve as chairman of Montpelier Re's board of directors in a non-executive capacity effective January 1 2010.
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PartnerRe today announced that Robert Mendoza, former board member of Paris Re, has joined its board of directors.
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Paris Re Holdings Limited has announced that PartnerRe has successfully closed the previously announced block purchase of Paris Re’s outstanding common shares.